2023-11-10 10:43:53
A former CEO of China Citic Bank has been sentenced to death for corruption. Sun Deshun is said to have received approximately 125 million euros in bribes. He pleaded guilty during trial last year.
Sun is alleged to have provided favorable loans to companies at several state-owned banks he worked for, including ICBC, Bank of Communications and Citic Bank, between 2003 and 2019. In return he received bribes.
Despite his confession and conviction, he is unlikely to be executed. His death sentence has been suspended for two years. The sentence is then expected to be commuted to life in prison.
China Citic Bank is one of the largest financial institutions in China. A major investigation into the bank has been ongoing since 2019. A former board member was previously sentenced to eighteen years in prison. It is one of the largest corruption investigations in the country to date.
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